Even as Bitcoin (CRYPTO: BTC) has logged its worst start to a year ever, seasoned finance veterans are strategically positioning for future upside.

Bitcoin’s Unexpected Advocate

Prominent crypto investor Lark Davis highlighted comments by Hugh Hendry, founder of Eclectica Asset Management, who is incorporating Bitcoin into what he describes as a "barbell strategy" alongside bets on interest rate cuts.

Hendry built his reputation as a contrarian investor who challenged mainstream economic thinking.

In 2008, as the global financial crisis unfolded, his fund returned 31.2% while markets were roiled by the collapse of mortgage-backed debt.

He has also demonstrated conviction in real assets, including a real estate investment that reportedly grew from a $7 million purchase and development into a property valued at $35 million.

Now, Hendry is applying that contrarian framework to Bitcoin. He believes the cryptocurrency could eventually reach $1 million per coin, while acknowledging it could face significant downside before any such move materializes.

What Is Bitcoin’s Long-Term Bull Case

Hendry's thesis, he says, is not ideological but macro-driven.

He points to a potential rate-cut cycle, institutional capital entering through regulated investment products and a relative valuation gap between Bitcoin's roughly $2 trillion market capitalization and gold's approximately $20 trillion market cap.

He also cites broader stress in the global monetary system as a supporting factor.

Davis argued that Hendry's stance may carry weight beyond crypto circles.

As a respected macro investor rooted in traditional finance, Hendry represents what many consider "old money" thinking.

When a seasoned contrarian known for betting against consensus publicly backs Bitcoin, it may signal that institutional skepticism is beginning to fade.

That shift, if sustained, could mark a transition for Bitcoin from fringe speculation to a recognized macro allocation.

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